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v3.22.2.2

Note 8 - Income Taxes | 9 Months Ended
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Sep. 30, 2022
Notes to Financial Statements |
Income Tax Disclosure [Text Block] |
(8) | Income Taxes
Components of income tax expense (benefit) from operations follows:
|  | Three months ended |  |  | Nine months ended |
|  | September 30, |  |  | September 30, |
(in thousands) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Current income tax expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 9,231 |  |  | $ | 4,730 |  |  | $ | 12,838 |  |  | $ | 8,202 |
State |  |  | 1,261 |  |  |  | 642 |  |  |  | 1,875 |  |  |  | 1,188 |
Total current income tax expense |  |  | 10,492 |  |  |  | 5,372 |  |  |  | 14,713 |  |  |  | 9,390 |
Deferred income tax expense (benefit): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (1,922 | ) |  |  | 858 |  |  |  | 1,542 |  |  |  | 2,375 |
State |  |  | 454 |  |  |  | 672 |  |  |  | 1,761 |  |  |  | 1,462 |
Total deferred income tax expense (benefit) |  |  | (1,468 | ) |  |  | 1,530 |  |  |  | 3,303 |  |  |  | 3,837 |
Change in valuation allowance |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total income tax expense |  | $ | 9,024 |  |  | $ | 6,902 |  |  | $ | 18,016 |  |  | $ | 13,227 |
An analysis of the difference between the statutory and ETRs from operations follows:
|  | Three months ended |  |  | Nine months ended |
|  | September 30, |  |  | September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
U.S. federal statutory income tax rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State income taxes, net of federal benefit |  |  | 3.6 |  |  |  | 3.5 |  |  |  | 3.5 |  |  |  | 3.4 |
Excess tax benefit from stock-based compensation arrangements |  |  | - |  |  |  | (0.1 | ) |  |  | (1.3 | ) |  |  | (1.7 | )
Change in cash surrender value of life insurance |  |  | - |  |  |  | (0.2 | ) |  |  | 0.6 |  |  |  | (0.7 | )
Tax credits |  |  | (0.5 | ) |  |  | (1.1 | ) |  |  | (0.6 | ) |  |  | (0.8 | )
Tax exempt interest income |  |  | (0.5 | ) |  |  | (0.4 | ) |  |  | (0.7 | ) |  |  | (0.3 | )
Non-deductible merger expenses |  |  | - |  |  |  | 0.1 |  |  |  | 0.2 |  |  |  | 0.5 |
Insurance captive |  |  | (0.3 | ) |  |  | (0.3 | ) |  |  | (0.3 | ) |  |  | (0.2 | )
Other, net |  |  | 0.7 |  |  |  | 0.5 |  |  |  | (0.3 | ) |  |  | (0.3 | )
Effective tax rate |  |  | 24.0 | % |  |  | 23.0 | % |  |  | 22.1 | % |  |  | 20.9 | %
Current state income tax expense represents tax owed to the states of Kentucky, Indiana and Illinois. Ohio state bank taxes are based on capital levels and are recorded as other non-interest expense. GAAP provides guidance on financial statement recognition and measurement of tax positions taken, or expected to be taken, in tax returns. If recognized, tax benefits would reduce tax expense and accordingly, increase net income. The amount of unrecognized tax benefits may increase or decrease in the future for various reasons including adding amounts for current year tax positions, expiration of open income tax returns due to statutes of limitation, changes in management’s judgment about the level of uncertainty, status of examination, litigation and legislative activity and addition or elimination of uncertain tax positions. As of September 30, 2022 and December 31, 2021, the gross amount of unrecognized tax benefits was immaterial to Bancorp’s consolidated financial statements. Federal and state income tax returns are subject to examination for the years after 2017.

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